Praxis Precision Medicines (NASDAQ:PRAX) Shares Down 2.5%

Shares of Praxis Precision Medicines, Inc. (NASDAQ:PRAX) were down 2.5% on Tuesday . The company traded as low as $56.34 and last traded at $56.84. Approximately 47,138 shares traded hands during trading, a decline of 83% from the average daily volume of 276,328 shares. The stock had previously closed at $58.29.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Piper Sandler restated an “overweight” rating and set a $270.00 price objective on shares of Praxis Precision Medicines in a research report on Monday, July 1st. Needham & Company LLC restated a “buy” rating and issued a $145.00 price objective on shares of Praxis Precision Medicines in a research note on Tuesday, September 3rd. Wedbush lifted their target price on Praxis Precision Medicines from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 14th. Guggenheim upped their target price on Praxis Precision Medicines from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $143.00 price target (up previously from $134.00) on shares of Praxis Precision Medicines in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Praxis Precision Medicines presently has an average rating of “Moderate Buy” and an average price target of $143.44.

Praxis Precision Medicines Stock Performance

The business has a 50-day simple moving average of $54.83 and a two-hundred day simple moving average of $50.71. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -3.97 and a beta of 2.72.

Praxis Precision Medicines (NASDAQ:PRAX) last issued its quarterly earnings results on Tuesday, August 13th. The company reported ($1.74) earnings per share for the quarter, topping the consensus estimate of ($2.38) by $0.64. Praxis Precision Medicines had a negative return on equity of 61.47% and a negative net margin of 6,987.01%. The firm had revenue of $0.36 million during the quarter, compared to the consensus estimate of $1.44 million. Research analysts predict that Praxis Precision Medicines, Inc. will post -8.5 EPS for the current fiscal year.

Institutional Trading of Praxis Precision Medicines

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD purchased a new position in Praxis Precision Medicines during the first quarter worth about $32,707,000. Vanguard Group Inc. lifted its holdings in shares of Praxis Precision Medicines by 100.6% in the 1st quarter. Vanguard Group Inc. now owns 744,069 shares of the company’s stock valued at $45,403,000 after buying an additional 373,131 shares during the period. Ballentine Partners LLC purchased a new stake in shares of Praxis Precision Medicines in the second quarter valued at approximately $451,000. Janus Henderson Group PLC purchased a new stake in shares of Praxis Precision Medicines in the first quarter valued at approximately $18,878,000. Finally, TD Asset Management Inc grew its holdings in Praxis Precision Medicines by 46.6% during the second quarter. TD Asset Management Inc now owns 51,312 shares of the company’s stock worth $2,122,000 after acquiring an additional 16,312 shares during the period. Hedge funds and other institutional investors own 67.84% of the company’s stock.

Praxis Precision Medicines Company Profile

Praxis Precision Medicines, Inc, a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is developing ulixacaltamide, a small molecule inhibitor of T-type calcium channels that is in Phase III clinical trial for the treatment of essential tremor; PRAX-562 for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEE); and PRAX-628 to treat focal epilepsy.